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The biggest factor in driving organizational growth is talent management. The problem with talent management is that it is such a large portion of business, that in itself can be hard to manage. This three-part series addresses some of the aspects of talent management and how to resolve poor talent management practices.
Your team depends on managers to guide them and give them feedback, but unfortunately, not every manager has been properly equipped with the tools they need to invest in their employees. Without that dedication to employees, succession planning becomes a much more difficult task because there is a limited supply of prepared leaders already a part of the organization.
Invest in Managers
Good managers are rare. Why? Because companies fail to choose candidates with the right set of managerial skills 82% of the time. That leaves only an 18% success rate. The real question isn’t why good managers are so rare, but rather why do companies choose ill-fit managerial candidates in the first place? It becomes a matter of tenure. The length of time an employee is with the company shouldn’t determine their ability to rise to the occasion. You can, however, develop these leadership skills early on so they are effective managers from the beginning. Promoting a manager whose skills aren’t adequately cultivated creates a stressful environment for their team and the manager themselves.
Invest in Employees
Take an interest in the development of your team. Employees want it. You need it. It’s not yesterday’s workplace, employees expect to have opportunities for growth. Involving employees in leadership increases engagement because according to Sandy Richardson (@collabstrategy), President of Collaborative Strategy and author of Business Results Revolution :
“Collaborative leadership gives employees a seat at the leadership table and makes them partners in defining the vision and plan for their organization. The benefits of this approach include higher quality options and strategies, greater employee buy-in for new directions and the required actions (after all, they helped create them themselves), greater organization agility in the face of rapid change, and ultimately, better business performance."
So, even above the desires of employees to take part in the company vision, it proves beneficial for your organization as well. To sustain performance, organizational leadership has to ascertain which elements of employee development they want to invest in to see growth in their employees and their business.
Succession Planning
Critical to the long-term success of your organization, after you decide to take up that offer on the beach house you’ve been eyeing when you hit retirement, you need a succession plan. The sustained performance of your team and your organization relies on the detailed and well-communicated succession plan. Unfortunately, there’s a large portion of businesses that don’t have a succession plan ready. Over half of business professionals are not confident in their ability to maintain succession programs.
Over half of business professionals are not confident in their ability to maintain succession programs.
It takes years to build this pipeline of successors, so results won’t happen immediately. But, you have to start with that mindset. This organization has to develop this promising employee so they can rise through the ranks to leadership roles. It’s a consistent developmental process for the organization, and it needs dedication to maintain it. Integrate it into your talent management so it doesn’t fall by the wayside.
Your talent management has to address and maintain how the organization invests in its leadership. That investment has to start early because without that increasing development, it can create a difficult environment for everyone on the team. Investing in employees isn’t that different. Showing them early their input matters by allowing them to have a say in leadership proceedings gives them accountability and ownership for their work, subsequently increasing productivity. This dedication to the company’s employees makes succession planning much easier to sustain long-term performance standards for your organization.
Don't miss out on the first part of our series:
